The Rise and Rise of Bitcoin
( WHIRRING )
Don't be filming
my passwords.
I used to have
a shirt in high school
that said "technology must be
used to liberate the individual."
And I didn't really know
what it meant for years,
'cause I didn't
But today I look back and I'm like,
"oh man, hell yeah, I like that shirt."
I'm glad I wore that shirt,
'cause it's how I really feel today.
My name is Daniel mross.
Today is may 3rd, 2012.
I go through college
and all these different things.
And now, like, bitcoin,
it's just a single technology
built on top of the Internet,
but it's so fascinating
because there's so many
freaking things
you can do with it.
It's also just
a big experiment.
There's no guarantees
with it.
We might just all be
wasting our time...
Exploring concepts
and ideas.
It's at this crossroads
of technology
and philosophy
and politics and everything.
Just be a part of it.
It's fun.
It's crazy though,
but it's fun.
NICK MROSS:
what is bitcoin?
- ( CHUCKLES )
DANIEL:
I can't tell you what bitcoin is
in just a few sentences.
It takes time
to understand it,
the same way it took
people time to understand
what the Internet was
back in 1994.
That little mark with the "a"
and then the ring around it.
- "At"?
- See, that's what I said.
- Mm-hmm.
- Katie said she thought it was "about."
- KATIE:
Yeah.- ELIZABETH VARGAS: Oh, Internet is...
- That massive computer network...
- KATIE:
Right....the one that's becoming
really big now.
Allison, can you explain
what Internet is?
DANIEL:
When the Internet was taking off,
I was in college
at Virginia tech
studying computer science.
Looking back,
how much the world
was changing.
Hey, Dan,
ready for the game?
I'm just finishing up here
with my new kayaking friends.
Kayaking friends
on your computer?
Yeah, I just got
America online.
DANIEL:
That same type ofinnovation is happening again
with bitcoin.
It's the smartest people
in the room
that are the most excited about this.
So what are they seeing?
DANIEL:
The Internet changedthe way the world communicates
bitcoin changes
the way money works.
You can basically put
a bank in your pocket.
Psst!
Wanna buy some
secret stuff?
There is now a new note
that people are starting
to talk about...
the bitcoin.
The money of the future.
DANIEL:
Bitcoin was created to provide
an alternative
to the banking system.
GEORGE W. BUSH:
We're in the midst
and the federal government
is responding
with decisive action.
DANIEL:
Unlike most currencies,
bitcoins are issued according
to a set of fixed rules.
The idea was to create
money whose value
couldn't be manipulated
by a central authority.
The government, no matter
how many guns they draw,
cannot change
a mathematical problem.
at "two plus two,"
but it's always
gonna equal four.
DANIEL:
It's fascinating to imagine
what it means to have
global decentralized money.
And that's what's happening.
( INSTRUMENTAL MUSIC PLAYING )
( BABBLES )
My five-year-old's birthday.
First round
of burgers is ready.
Second round is
going on in a second.
First round
of burgers is ready!
( PEOPLE CHATTERING )
First round.
ELIZA MROSS:
Dan has always been an idea guy.
Bitcoin is the perfect
combination
of how can I change the
world and make it better,
but how can
I also be a nerd?
So mostly I've just been
supporting him
in this craziness.
DANIEL:
Eliza and I met in college,
and we've been married
for seven years.
We live in Pittsburgh,
where I'm from,
and we have three boys,
I've spent most of my career
as a database administrator.
But for the past two years,
I've been consumed with bitcoin.
Bitcoins come into existence
through a process called mining.
I build computers
to mine for bitcoins.
I'm glad that it's finally
getting a little bit cooler out.
My wife won't be as angry
that the basement is so hot.
I've still got a bunch of mining
Actually they're right down here,
if you wanna go take a look.
Here they are.
So what is bitcoin?
Bitcoin is
a revolutionary technology
that enables a new way to send
payments over the Internet.
it as an open accounting system
where thousands of computers
all over the world
work together to track ownership
of digital tokens called bitcoins.
When you send
someone bitcoins,
the transaction is broadcast
to the entire network.
After it's verified,
it's recorded
in a public ledger
called the blockchain.
The blockchain
contains a record
of every bitcoin
transaction that has occurred
since the system began,
and it's shared
and maintained on the network,
so to speak.
Most currencies are issued
by a central authority
that controls
the money supply.
Bitcoin is
a peer-to-peer system,
so there is
no central authority.
Instead bitcoins are
issued to users
who help process transactions
in the network.
This is known
as bitcoin mining.
Bitcoin miners are
specialized computers
that do the work
required to verify
and record transactions
in the blockchain.
the miners earn bitcoins,
and this is how new bitcoins
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